Bitcoin Analyst: Upward Trend Continues Despite Recent Pullback
Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) remains in an upward trajectory despite the recent pullback.
In a new video, Svenson says that as long as Bitcoin holds the mid to high $50,000 range as support, a broader parabolic trend remains intact.
According to Svenson, there’s no reason to think that Bitcoin isn’t in a parabolic trend because the lows are currently exponential.
Bitcoin can come down and wick into the mid to high $50,000 range, but as long as it bounces around that zone, it is still forming an exponentially higher low, indicating a parabolic trend that remains intact.
Svenson warns that if Bitcoin does break down below $50,000, it could remain in a consolidation phase throughout the summer.
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This dip that Bitcoin is experiencing is viewed by Svenson as no different than the size of any of its previous dips, even after the ETF.
He suggests that for now, Bitcoin is doing well. However, there is potential for a scenario where Bitcoin comes down, trades sideways, and then experiences another breakdown, leading to a slowdown in momentum and potentially a boring summer of sideways consolidation.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
